Global Elections in 2024: Impact on the Financial Industry and Geopolitical Landscape

The year 2024 is shaping up to be a pivotal year for global politics, with over 40 countries around the world set to hold elections that will have far-reaching implications for the financial industry. At the recent ifgs 2024 event in London, a panel of experts discussed the impact of these elections on the fintech sector and the broader economy.

With nearly half the world’s population heading to the polls, the outcomes of these elections will have significant economic, social, and geopolitical consequences in the years to come. The panel, moderated by journalist Edie Lush, featured insights from industry leaders such as Christopher Woolard, Iain Anderson, and Jessica Renier.

One key theme that emerged from the discussion was the increasing importance of geopolitical risk for businesses operating in the fintech space. Woolard highlighted the need for companies to navigate a more divisive global environment with nuance as they expand internationally. Renier echoed this sentiment, noting the shift towards protectionism and its potential impact on AI development.

In the UK, the panelists discussed the potential implications of a Labour government on the financial services sector, emphasizing the importance of policy certainty and predictability for businesses. Anderson highlighted the need for a dialogue between government and industry to manage economic risks effectively.

Looking ahead, the panelists identified upcoming elections in the EU, UK, India, and the US as key events to watch for their potential impact on the fintech industry. As countries around the world grapple with the challenges of regulating emerging technologies like AI, the need for a balanced approach to regulation becomes increasingly clear.

The use of AI to spread misinformation in the context of elections was also a major concern raised by the panelists, highlighting the need for robust regulatory frameworks to address this issue. As the world prepares for a wave of elections in 2024, the global banking industry will need to adapt to a rapidly changing geopolitical landscape to thrive in the years ahead.